Kazakh National Bank withdrew from circulation 213 bln tenge in June, plans to sterilize 290 bln tenge in JulyThe National Bank of Kazakhstan sold in June on the domestic market 213 billion tenge in foreign currency worth of proceeds from gold exports, the regulator’s press service said in a Tuesday press release.In July, the National Bank plans to sterilize 290 billion tenge on the domestic market, according to the press release.The National Bank of Kazakhstan withdraws Tenge from circulation through a currency mirroring mechanism to addresses inflationary pressures created when the Bank purchases domestic gold production using tenge issuance. By selling equivalent foreign currency earned from gold exports, the Bank aims to neutralize excess liquidity.In May 2025, the National Bank sold 213 billion tenge worth of foreign currency through its currency mirroring mechanism. The regulator sterilized 742 billion tenge in the 1st quarter and expects to withdraw from circulation about 640 billion tenge in the 2nd quarter. In the twelve months of this year the National Bank plans to sell around $5.5-6 billion.When managing National Fund assets, the National Bank adheres to the market neutrality principle, which involves regular and evenly distributed foreign currency sales, the press release says.In 2011, Kazakhstan introduced a regulatory requirement for domestic gold producers to sell refined gold to the National Bank, which then sells it on international markets. However, gold purchases from the gold producers are financed through tenge issuance, increasing money supply and contributing to inflation.To curb inflation and bring it closer to the 5% target, the National Bank had decided to sell USD on the domestic forex market in the amount equivalent to the Tenge issued for gold purchases. (ICE ALMATY)

Fonte notizia: INTERFAX